Key Actions: Understanding the challenge

Modern slavery is the severe exploitation of people for personal or commercial gain. This chapter has addressed the scale of modern slavery, and the role the financial industry can play in detecting modern slavery and supporting survivors.

Key Actions: Understanding the challenge

Key Actions

  • Engage with survivors to understand the true nature of the challenges they face and inform the development of survivor empowerment programmes.
  • Ensure that all employees are aware of modern slavery, know how to spot the signs and understand their role in tackling the problem within the financial industry.

Important guidance for understanding the challenge

Important guidance for engaging survivors

Next steps to promote financial inclusion

Important guidance for understanding the challenge

Important guidance for understanding the challenge

  1. Empowering survivors requires a sound understanding of the nature of modern slavery and the challenges faced by survivors, both provide valuable context to help develop a more impactful programme.
  2.  It is important for all employees to recognise the role that the financial industry has to play in preventing modern slavery and supporting survivors to regain financial independence.
  3. The Financial Industry Report, published by  TRIBE Freedom Foundation, Themis and the UK Independent Anti-Slavery Commissioner provides a thorough overview of the responsibilities of financial institutions across all areas of the organisation.
  4. Providing training for all bank staff to understand the scale of modern slavery and easily notice wider patterns of suspicious activity is key to building awareness.
  5. All staff should be made aware of clear pathways to report potential modern slavery indicators across the bank.
  6. CEOs and senior management are encouraged to reinforce measures against modern slavery by placing it firmly on the agenda of their board of directors or senior management.
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Important guidance for engaging survivors

Important guidance for engaging survivors

  1. Engage with established survivor support organisations and/or survivor consultancy groups to ensure survivor involvement in the development of survivor banking initiatives.
  2. Make sure to provide fair compensation for survivors, using the London Living Wage or Living Wage in the U.S., as a baseline to calculate salaries and payments.
  3. Include survivors early and often and empower them to lead.
  4. Create space and provide training for survivors and employees to amplify the positive impact of survivor involvement.
  5. Provide ongoing support to prevent re-traumatisation and safeguard employees who are working with survivors.
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Next steps to promote financial inclusion

Next steps to promote financial inclusion

In the next chapter, explore how financial institutions and survivor support organisations can work together to help promote financial inclusion.

Topics include:

  • Barriers to survivor financial inclusion
  • Creating a survivor bank account programme
  • Improving survivor accessibility
  • Supporting survivors to open an account (a module for survivor support organisations)
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Where to next?

Home

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Survivor financial empowerment hub

Survivor financial empowerment hub

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Barriers to survivor financial inclusion

Barriers to survivor financial inclusion

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